Jewelery market stagnates: Blinks of boom seen

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- Global gold prices rebound from five-month lows :: Silver surges by Rs 1,000

- Silver edged above $23 and gold above $1900 in global markets: Crude oil retreated though

Mumbai: Gold and silver prices rose rapidly in the Mumbai jewelery market today. World market news was bullish from the lows. In the world market, amid the retreat of the dollar index, there was talk of increased buying of funds in gold. As the import cost of precious metals at home increased as the world market increased, a situation of more buyers and fewer sellers was observed in the jewelery market before the festive season.

Gold prices in the world market ranged from 1904 to 1896 to 1897 dollars per ounce in the highs of 1889 to 1890. Global silver prices increased from 22.90 to 22.91 to 23.46 to 23.34 to 23.35 dollars an ounce.

At home today, the price of silver rose by Rs.1000 to Rs.73000 per kg in the Ahmedabad jewelery market, while the price of Ahmedabad gold rose by Rs.100 to Rs.99.50 per kg and Rs.60005 to Rs.99.90 per kg. The price of platinum in the world market increased from 906 to 907 per ounce to 930 to 925 to 926 dollars.

While palladium prices increased from 1256 to 1257 per ounce to 1285 to 1282 to 1283 dollars. Global copper prices rose by 0.76 percent today.

In the Mumbai jewelery market today, gold prices were Rs.58,163 at 99.50 and Rs.58,423 at 99.90 and Rs.58,657 at Rs.58,396 while Mumbai silver prices were at Rs.70,835 at Rs.82,140 without GST. In Mumbai gold and silver prices including GST were 3 percent higher than this price.

Meanwhile, crude oil prices remained on the decline in the global market today. New demand from China has been slow. The price of Brent crude oil was 83.85 to 84.28 dollars today at the low of 85.58 per barrel. While US crude prices were 80.32 to 80.50 dollars from 82.10.

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